Austin Startup Base Power Secures $1 Billion in Funding
Base Power, an innovative energy startup based in Austin, has successfully raised $1 billion in its Series C funding round. The investment was led by the venture firm Addition, with support from several prominent investors including Trust Ventures, Valor Equity Partners, Thrive Capital, Lightspeed, Andreessen Horowitz, and many others. New supporters such as Ribbit, CapitalG, Spark, and Lowercarbon also joined the funding.
Base Power is dedicated to upgrading the U.S. power grid by implementing distributed battery storage systems in homes. Zach Dell, the company’s CEO and co-founder, remarked, “This is a rare opportunity to transform our power system. To tackle this challenge, we need top-notch engineers and operators, and we’re expanding our team to help create a sustainable energy future.”
Creating the Next Generation of Energy Grid
Base Power’s business model focuses on leasing home batteries at competitive initial and monthly rates. This approach allows customers to enjoy reliable backup power while also having the option to sell any extra electricity back to the grid. The interconnected network of home batteries helps stabilize the grid and addresses the issues arising from the aging U.S. power infrastructure.
To support its growth, Base Power is establishing its first energy storage and power electronics factory in downtown Austin, located at the former site of the Austin American-Statesman printing facility, with plans for further expansion. The company has also qualified for Texas’s Aggregated Distributed Energy Resource program, allowing aggregated batteries to sell electricity directly to the grid, boosting reliability and reducing costs.
Lopas, a representative from the company, stated, “We’re fostering domestic manufacturing to improve the grid. The only way to increase grid capacity is to deploy hardware on-site, and we are committed to producing that in the U.S. This factory in Austin is just the beginning; we’re already planning our next one to build the infrastructure and systems needed to revitalize America and transform the grid.”
